CBOT futures traded higher overnight, but sold off once markets reopened at 830 am CT. Futures were pressured by the strengthening US Dollar which reversed the downward trend in place the past 2 months; the weaker US$ helped fuel the rise in commodity prices over this period. The US$ was supported by a weak economic […]

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CBOT futures traded higher overnight, but sold off once markets reopened at 830 am CT. Futures were pressured by the strengthening US Dollar which reversed the downward trend in place the past 2 months; the weaker US$ helped fuel the rise in commodity prices over this period. The US$ was supported by a weak economic report from China, a drop in Australia’s key interest rate, and weakening global equity markets. Soybean futures had surged over chart resistance last night, so today’s action plots bearish price reversals. Corn futures ended the day back below the 200-day moving averages. Offsetting today’s bearish technical action is fundamental support from estimates of significant production losses for soybeans in Argentina and corn in Brazil due to weather. After major fund selling today, the question is whether the speculative funds will step back in and buy or will the technical signals encourage more selling.

Kansas City July Wheat closed within 3 cents of the contract low established in early April. MGEX Wheat is over 40 cents above the contract low set in early March; spring wheat futures have been supported in part by drier conditions in the northern Plains.

Cattle futures closed higher (the 3rd day for most contracts) on additional short-covering. After hitting contract lows last week, Live Cattle charts show double-bottom patterns. Today’s market strength may be tested by a sharp drop in late-day boxed beef values — Choice down 3.83 at 205.94; Select down 2.94 at 197.02. Choice was only down 1.54 at Noon and Select was quoted UP 1.04, or $3.98 above the closing quote. Market receipts are expected to be down this week.

CBOT futures closed generally steady except for the soy complex which saw a very strong soybean meal market lead soybeans higher; a 2% drop in soybean oil futures limited soybean’s gains. Soybean oil has been selling off the past 10 trading days as traders buy more meal futures. Nearby meal futures hit a new high, […]

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CBOT futures closed generally steady except for the soy complex which saw a very strong soybean meal market lead soybeans higher; a 2% drop in soybean oil futures limited soybean’s gains. Soybean oil has been selling off the past 10 trading days as traders buy more meal futures. Nearby meal futures hit a new high, a level which hasn’t been seen since last August. May Soymeal is up over $75/ton since a month ago. Soybean futures are just below key chart resistance levels which are layered up through $10.60 and then $10.87 and $11.08 on the monthly continuation chart. Manage your price risk.

Corn and soybean planting progress is ahead of the 5-year averages. Winter Wheat conditions improved over last week as the Plains received good moisture.

Live and Feeder cattle futures closed higher on short-covering as prices respected last week’s lows. Buying was encouraged by June futures’ discount to last week’s cash trade near $124/cwt. However, a weak boxed beef market will weigh on the market. Choice down 1.68 at 209.77; Select down 2.31 at 199.96. Choice was only down 0.25 at midday.

Lean Hog futures closed higher at new highs for this move off last week’s lows. Traders are optimistic given stronger hog and pork values along with good packer margins and strong pork exports. FOB Plant Pork rose 1.19 to 83.73 with a 3.5% jump in loin value.

Lexington Auction
Weighted Average Report for 05/02/2016
Receipts: 543 Last Week: 640 Year Ago: 579
****Lexington Monday sale now held at Mt. Sterling yards due to fire that destroyed Lexington yards****

Compared to last Wednesday steer calves sold weak with light demand. Heifer calves under 600 lbs sold 5.00 lower with light demand over 600 lbs sold 3.00 lower with moderate demand. Quality was average. Slaughter cows sold 1.00 higher and slaughter sold steady with moderate demand.

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Kentucky Weekly Livestock Summary for the week of Apr 25-30, 2016.
Receipts
This Week Last Week Last Year
16,259 20,263 21,935
Early in the week, steers and heifers continued the downward trend trading 7.00 to 10.00 lower. As the week progressed, however, the downward pressure from the CME eased a bit. Calves ended the session mostly steady to 2.00 lower, but, with a few instances up to 2.00 higher. Demand was moderate to good for a plain to good quality offering. Slaughter Cows and slaughter bulls sold mostly steady with a light to moderate supply and moderate to good demand.

Kentucky Farm Bureau was involved in many pieces of legislation this session supporting, opposing, and monitoring bills. We were able to secure passage of several of our priority issues this year. The Kentucky General Assembly passed legislation that will create the Kentucky Water Resources Board, maintained the 22.2% allocation of the state gas tax revenue […]

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Kentucky Farm Bureau was involved in many pieces of legislation this session supporting, opposing, and monitoring bills. We were able to secure passage of several of our priority issues this year. The Kentucky General Assembly passed legislation that will create the Kentucky Water Resources Board, maintained the 22.2% allocation of the state gas tax revenue for rural roads, and maintained 50% of the Master Settlement Agreement Funds to the Agricultural Development Board. The bills that were passed during this regular session will become effective on July 15, 2016. Legislation containing an emergency clause became effective upon Governor Bevin’s signature.

The Public Affairs staff would like to express our sincere appreciation to all of those who responded to our Legislative Action Request concerning various issues each week. The success of implementing your policy depends on the continued involvement and efforts of county Farm Bureau leaders and members. Please accept our thanks for your assistance in making this year’s session a success for Kentucky Farm Bureau.

This year is an election year for all one hundred state house and nineteen state senate seats. As the primary and general elections approach it is vital that our organization know how these candidates stand on our priority issues like sales tax exemptions for agriculture and state property taxes (HB 44). The most effective way to discover the position of candidates is to conduct Measure-the-Candidate Forums. These forums allow us to get candidates on record prior to them becoming elected officials. We can expect one of the agenda items for the 2017 session of the General Assembly to include state tax reform so it is imperative that we elect candidates that are supportive of our policy on tax issues.

As the General Assembly enters into the interim, we encourage those counties that have yet to conduct legislative appreciation events to do so. We know that several counties have already conducted these events during the session with great success. We also encourage you to invite your representatives and senators to your county annual meetings and our state annual meeting.

The following is a detailed report summarizing many of the bills and resolutions in which Kentucky Farm Bureau was involved:

The Kentucky General Assembly passed the state budget (HB 303) on Friday, April 15. The House voted 98-1 and the Senate 38-0. Since the General Assembly has adjourned Sine Die they will not have the opportunity to override any line item vetoes by Governor Bevin.

Below are the highlights of the state budget.

The onetime tobacco settlement money of $21,099,500 for FY16 was appropriated to the Governor’s Office of Agricultural Policy with the following language:

The General Fund (Tobacco) appropriation of $21,099,500 to the Governor’s Office of Agricultural Policy in fiscal year 2015-2016 shall be used solely for special agricultural development initiatives. These special initiatives shall be limited to those which support regional centers of excellence associated with a state university, to regional initiatives that support local food aggregators, processors, or distributors, to statewide initiatives that foster the maintenance, preservation, or enhancement of a natural resource which is important to the future development of the agricultural economy in the Commonwealth, or to regional initiatives that provide a public service which can be used to evaluate the marketability of livestock. The grant process for each special agricultural development initiative shall be subject to the application process and approval of the Agricultural Development Board created under KRS 248.707. The Board shall not approve an individual grant for an amount that exceeds $12,800,000.

On April 27, Governor Bevin line itemed vetoed the above language that is underlined and in italics. To view the entire veto message for HB 303 click here.

Total appropriation for the Governor’s Office of Agricultural Policy is $25.35 million in FY17 and $28.45 in FY18.

County accounts will receive $10.83 million in FY17 and $11.91 million in FY18.

$600,000 for the Farms to Food Banks program in both FY17 and FY18.

Soil Erosion and Water Quality Cost-share program will receive $5 million in both FY17 and FY18.

$907,300 for the Division of Conservation to provide direct aid to local conservation districts in both FY17 and FY18. THIS APPROPRIATION WAS LINE ITEM VETOED.

KY Department of Agriculture will receive $16.90 million in FY17 and $17.04 million in FY18 of general fund dollars.

$455,000 to the Local Agricultural Fair Aid Program in both FY17 and FY18.

$750,000 to Western Kentucky University in both FY17 and FY18 for the Kentucky Mesonet from their general fund appropriation.

2016 State Priority Issues:

“Maintain allocating 50% of the Master Settlement Agreement funds to the Agricultural Development Board, and funds be spent for the purpose of improving net farm income of individual farmers in production agriculture.”

“Support continued funding of the Soil Erosion and Water Quality Cost-Share Program.”

This bill established the 11-member Kentucky Water Resources Board and identified the role and function of the board in developing water resource policy. It will require the cabinet to provide leadership for on-farm and rural community drought and water assessment monitoring, and improvements for agricultural purposes and authorize the cabinet to receive and disperse federal, state, and other funds for on-farm and community drought and water assessment, monitoring, and improvements.

This bill passed the House of Representatives 95-0 and passed the Senate 38-0. This bill became law without Governor Bevin’s signature.

In addition to the passage of HB 529, the Kentucky Farm Bureau Water Management Working Group finalized both a plan and a proposed specific budget in the fall of 2015. This plan and budget was developed as a potential guide for the newly created Kentucky Water Resources Board.

2016 State Priority Issue:

“Support the creation of a Kentucky water resource management program that will create, support, and advocate a coordinated effort to manage water resource projects across the Commonwealth.”

This bill is the transportation budget. The bill maintains the road formula and the Rural and Secondary Road funding. On April 27, Governor Bevin line itemed vetoed HB 304. To view his veto message click here.

2016 State Priority Issue:

“Support the rural, secondary and county aid programs and continuation of the 22.2% allocation of the state gasoline tax revenue for rural roads.”

This bill would have exempted from sales and use tax sales of medicine and vaccines for livestock between August 1, 2016 and August 1, 2022. It would have also exempted from the sales and use tax bees used in a commercial enterprise for the production of honey or wax for sale, pollination of crops the products of which constitute food for human consumption or are to be sold in the regular course of business and exempts inputs associated with a commercial bee enterprise. It would have also extended the tire waste fee until June 30, 2018. This bill would have also phased-in over 4 years a distribution of coal severance tax revenues allowing 100% of those receipts to be distributed to coal-producing counties. It would have excluded from adjusted gross income up to $5,000 for the taxpayer and each dependent, limited to a maximum annual exclusion of $10,000, of qualified contributions to the Kentucky Education Savings Plan Trust for taxable years 2019 to 2025 and to include in adjusted gross income contributions and earnings that are refunded to a participant in the Plan that are not used for educational expenses.

Governor Bevin’s veto message:

Given the overall financial condition of the Commonwealth and its massive unfunded pension liabilities, now is the not the time to pass additional tax expenditures however meritorious each provision may be. Each of the proposed tax changes contained in House Bill 423 would be appropriate for debate and potential inclusion in a comprehensive tax reform proposal, whereby the entire tax code and the appropriateness of each individual tax expenditure can be property weighed against others.

Farm Bureau Policy:

“We recommend that all farm production items including veterinary medicine and vaccines, electricity, sawdust and wood shavings, all livestock and poultry bedding, LP gas, and natural gas be exempt from sales and use tax.”

“Coal producing counties should receive a greater share of coal severance taxes and should be permitted to use it for repairing roads and bridges and/or water projects.”

This bill will prohibit any city, county, or other political subdivision of the Commonwealth to adopt or continue in effect any ordinance, resolution, rule, or regulation regarding the registration, packaging, labeling, sale, storage, distribution, use, application, or propagation of seeds. This bill became law without Governor Bevin’s signature.

Farm Bureau Policy:

“We oppose any local ordinance that is more restrictive than state regulations governing agricultural operations.”

This bill will replace the Kentucky Industrial Development Council, the Associated Industries of Kentucky, and the Kentucky Economic Development Corporation with the Kentucky Association for Economic Development, the Kentucky Association of Manufacturers, and the National Federation of Independent Business/Kentucky, respectively, in the process for nominating persons to the board and requires the board to meet biannually. Kentucky Farm Bureau has a seat on this board and this legislation also strengthens the appointment process to this board.

Farm Bureau Policy:

“We support the Cabinet for Economic Development and its efforts to include agriculture and natural resources in their long-range economic development plan.”

This bill will reorganize the State Fair Board to seventeen members as follows:

The Governor or his or her designee, the Commissioner of Agriculture or his or her designee, the Dean of the University of Kentucky College of Agriculture, Food and Environment or his or her designee, one member involved with or experience in agribusiness, one member representative of all segments of animal agriculture, one member representative of all segments of crop or plant production, one member representative from the American Saddlebred Association, one member representative from Kentucky Farm Bureau, one

member representative from Kentucky Association of Fairs and Horse Shows, one member representative from Louisville Convention and Visitors Bureau, State President of Kentucky FFA Association (ex-officio), State President of Kentucky 4-H Organization (ex-officio), and five members appointed by the Governor from the state at large with due consideration to geographical distribution throughout the state.

The Governor shall select the Chair and Vice Chair of the State Fair Board and they shall serve for one year and may be reappointed. Members of the State Fair Board shall be appointed to no more than three terms that begin on or after the effective date of this act.

The State Fair Board shall meet monthly a minimum of ten months per year. This bill requires the State Fair Board to hold an annual fair on the state fairgrounds and operate the Kentucky State Fair and World’s Championship Horse Show and the National Farm Machinery Show. It removes the Kentucky Livestock Improvement Association from the Fair Council and clarifies membership representation to include the Kentucky Colt Racing Association and Agricultural Education Consultant and adds a representative of animal agriculture. It also deletes membership requirements of the North American International Livestock Exposition Executive Committee and deletes membership requirements of the North American International Livestock Exposition Executive Committee subcommittees.

Farm Bureau Policy:

“We encourage the Kentucky State Fair Board be composed of a minimum of fifty percent voting members who are active members in agriculture leadership.”

This resolution directs the Division of Water to meet with the United States Army Corps of Engineers and the Natural Resources Conservation Service to determine procedures for developing water resources for agriculture and it also provides that the Division of Water shall report findings and recommendations to the Legislative Research Commission by December 1, 2016.

Farm Bureau Policy:

“We support research, cost-share, technical assistance, and further development of existing programs for on-farm water supplies including irrigation purposes.”

This bill would have increased the minimum wage to $8.20 an hour effective August 1, 2016. This increase would not have been applied to employees of retail stores, service industries, hotels, motels, and restaurant operations whose average annual gross volume of sales made for business done is less than five hundred thousand dollars for the five preceding years exclusive of excise taxes at the retail level or if the employee is the parent, spouse, child, or other member of his or her employer’s immediate family.

This bill would have decoupled from changes to the federal estate tax since 2003, provided for a reduction and phase-out of the pension exclusion, frozen the states real property tax rate at 12.2 cents per $100 and removed the rate adjustment provision and removed the recall provisions.

2016 State Priority Issues:

“Strongly oppose freezing the state real property tax rate.”

“Support the current provisions of House Bill 44 (KRS 132.010). Revenue from property taxes should continue to be limited to 4% plus new growth. Proposals to exceed 4% should automatically go to the voters.”

This bill would have prohibited indoor smoking in businesses, places of employment, and other listed public places and would have exempted private residences, unless used for child care or adult day care. It would have also required posting of “no smoking” signs at specified locations and permitted local governments to adopt stricter regulations by ordinance.

Farm Bureau Policy:

“We believe business owners should have the exclusive right to prohibit tobacco use in their private business. We are adamantly opposed to any level of government or agency mandating that businesses prohibit tobacco use.”

These two bills would have exempted bees used in a commercial enterprise for the production of honey or wax for sale and certain items used in that pursuit. The language in this bill was incorporated in HB 423 which passed.

This bill would have required the Cabinet for Health and Family Services to implement a substance abuse screening program for applicants and recipients of public assistance who have a felony or misdemeanor history of substance abuse.

Farm Bureau Policy:

“We support the idea that those who receive SSI, food stamps, housing, or other government welfare payments should have to submit to random drug testing.”

This bill would have prohibited the Energy and Environment Cabinet from promulgating administrative regulations or imposing permit conditions to reduce carbon dioxide under federal rules or federal plan unless authorized by either the Kentucky General Assembly or if carbon dioxide is designated by the United States Congress as a criteria pollutant under the Clean Air Act. It would have declared Kentucky a sanctuary state from over-reaching regulatory authority of the United States Environmental Protection Agency to implement carbon dioxide limits under the Clean Power Plan.

Farm Bureau Policy:

“We support discouraging the EPA from enforcing air quality standards and implementing a new national ambient air quality standard for particulate matter until scientists determine the health and economic consequences of their actions.”

This bill would have exempted feed and feed additives, seeds, commercial fertilizers, farm chemicals, farm machinery, water, fuels, and on-farm facilities used in the production of equine from the sales and use tax.

Farm Bureau Policy:

“We also recommend production items associated with the equine industry be exempt from the sales and use tax.”

These two bills would have exempted drugs and over-the-counter drugs for beef cattle, dairy cattle, sheep, swine, poultry, llamas, alpacas, buffalo, aquatic organisms, cervids, or ratite birds sold or purchased between August 1, 2016, and July 31, 2022 from the sales and use tax. The language in these two bills was incorporated into HB 423 which was passed.

Farm Bureau Policy:

“We recommend that all farm production items including veterinary medicine and vaccines, electricity, sawdust and wood shavings, all livestock and poultry bedding, LP gas, and natural gas be exempt from sales and use tax.”

This bill would have exempted from sales and use tax poultry for use in the production of food for human consumption and poultry or livestock bedding materials purchased on and after August 1, 2016, but before July 31, 2020.

This bill would have exempted straw, wood shavings, and sawdust used in agricultural or equine pursuits sold or purchased from August 1, 2016, to August 1, 2020, from sales and use tax.

Farm Bureau Policy:

“We recommend that all farm production items including veterinary medicine and vaccines, electricity, sawdust and wood shavings, all livestock and poultry bedding, LP gas, and natural gas be exempt from sales and use tax.”

This resolution would have directed the Legislative Research Commission to establish a Timber Theft and Trespass Reduction Task Force and provide that the purpose of the task force is to study issues regarding timber theft and trespass and to develop consensus recommendations to address those issues.

Farm Bureau Policy:

“We encourage local prosecutors to recognize theft of timber is not a trespass issue, but a criminal activity, and existing theft laws should be enforced.”

This bill would have required the Department of Education to develop and implement the Kentucky Financial Literacy Program and required a high school student to complete instruction in financial literacy, included within the existing curriculum, prior to graduation.

Farm Bureau Policy:

“We support “Financial Literacy” being included in Kentucky school curriculum at all appropriate levels.”

This bill was passed as a result of HB 423 being vetoed. This bill will increase the General Assembly authorization threshold for university capital projects to $1 million related to any capital construction item to make a building or utility installation complete or information technology systems. This bill amends KRS 158.070 to allow a school district to be open on the day of an election if no school in the district is used as a polling place. It also amends KRS 224.50-868 to extend the new tire fee until June 30, 2018. This bill increases the executive agency lobbyists registration fee to $500 and allows the Auditor of Public Accounts to charge agencies for additional expenses incurred during audits and prohibits any state or local taxes to be imposed on water withdrawal fees imposed by the Kentucky River Authority.

This bill will allow the Division of Forestry to exempt a person certified by the Kentucky Prescribed Fire Council’s Burn Boss program from the requirements of KRS Chapter 149 except that prescribed fires shall not be set during local burn bans or red flag warning days. It also requires persons exempted to give notice to the Division of Forestry 24 hours prior to the burn, notice to local landowners and local EMS the day of the burn.

This bill will amend the Kentucky Model Procurement Code, to provide an explicit framework for the use of public-private partnerships (P3s) as an alternative method of procurement, construction, and financing of capital projects and services by state government.

This bill will define “dog,” “dog fight”, and “dog fighting” and provide that a dog owner, an owner of property on which a dog fight is conducted, and anyone who participates in the organization of a dog fight for pleasure or profit as well as anyone who knowingly owns, possesses, keeps, trains, sells, or otherwise transfers a dog for the purpose of dog fighting is guilty of cruelty to animals in the first degree, a Class D felony. Activities of dogs engaged in hunting, field trials, dog training, and other activities authorized either by a hunting license or by the Department of Fish and Wildlife Resources shall not constitute a violation of this section and activities of dogs engaged in working or guarding livestock shall not constitute a violation of this section.

This bill will change license renewal date for grain storage businesses and change license renewal date for grain dealers. This bill will also change penalties relating to the storage and handling of grain to eliminate the minimum penalty and establishes a maximum amount of $500,000 for operating with a license.

This bill will define “veterinary wellness program” and “student” and eliminate “veterinary technologist” designation. It will also allow a retailer to provide information and suggestions on over-the-counter animal products. This bill will also set out how the Board of Veterinary Examiners may allow the renewal of retired or inactive licenses and increase the size of the Board of Veterinary Examiners. It will provide board members immunity from personal liability in any action based on an official act of the member and allow the board to establish a veterinary wellness committee.

We worked with members of the General Assembly to remove a provision that would have allowed veterinarians to release animal health information to authorities without the owner’s consent.

This bill would have defined “unmanned aircraft systems” and prohibit the use of unmanned aircraft systems to track, hunt, or harvest wildlife and prohibit the use of unmanned aircraft systems to conduct surveillance of persons lawfully engaged in hunting, trapping, or fishing.

This bill would have proposed to amend Section 181 of the Constitution of Kentucky to authorize the General Assembly to confer upon the proper authority of any city or county the power to levy a local option sales and use tax.

This bill would have expanded, to the extent feasible, the Department of Corrections’ current Farm Operations Program to all adult correctional facilities operated within the Commonwealth, including correctional facilities operated by private contractors. It would have restricted the consumption of food and agricultural products grown or produced under the Farm Operations Program to inmates and other enumerated individuals or organizations.

This bill would have created a “certificate for driving” as a document issued by the Transportation Cabinet to an individual 18 years or older who has resided in the Commonwealth for a minimum of three years and who cannot prove citizenship or meet the requirements of KRS 186.412(2) to (4). It would have mandated that certificates for driving be clearly distinguishable from regular operator’s licenses and clearly state on the face that the document is not to be used for identification purposes. It would have provided that the certificate for driving shall be valid for one year and required that the certificate for driving clearly state on its face that it is valid in Kentucky only.

This bill would have directed the Legislative Research Commission to establish the Emergency Medical Air Transportation Task Force and provided that the purpose of the task force is to study issues of emergency air transportation and to develop consensus legislative recommendations to address those issues by December 1, 2016.

This bill would have changed the definition of “agricultural land” and “horticultural land” and to delete the definition of “agricultural or horticultural value” and would have clarified the requirements that must be met for property to be classified as agricultural or horticultural property and to establish parameters for the valuation of such property once it has been classified.

This bill was filed late in the 2016 session. Once it was filed we spoke to key members of the General Assembly and shared our concerns about a policy change of this magnitude moving forward this late in the session. We also expressed that this issue of properly assessing agricultural and horticultural land was more of a local issue than a statewide issue.

This bill would have amended to clarify producers in the state of Kentucky and specified the duties of a qualified program and aligned federal and state programs for the benefit of Kentucky dairy producers.

CBOT futures closed mostly lower except for strong gains in old-crop soybean and soybean meal contracts. Corn and wheat rallied overnight with soybeans, but they sold off from 7 am to 9 am, followed by a rally into midday. That’s when soybeans diverged from the corn and wheat prices. Soybeans maintained the recovery but corn […]

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CBOT futures closed mostly lower except for strong gains in old-crop soybean and soybean meal contracts. Corn and wheat rallied overnight with soybeans, but they sold off from 7 am to 9 am, followed by a rally into midday. That’s when soybeans diverged from the corn and wheat prices. Soybeans maintained the recovery but corn and wheat sold off sharply into the close. Corn actually ended near the day’s lows. Corn futures closed below key 200-day moving averages after posting bearish price reversals. The selling was likely aggressive profit-taking and farmer selling amid a reduction in short-covering by the funds.

Live cattle futures closed mostly weaker and Feeder cattle made variable gains. Cattle futures have been weighed down by a bearish attitude of late and weakness in low-volume cash cattle sales well below last Friday’s price. April LC and cash are fairly matched. Boxed beef values ended the day about a dollar/cwt lower than the midday quotes. Choice ended down 2.05 at 220.72; Select down 0.19 at 212.77. The monthly Cattle on Feed report will be released Friday afternoon.

Lean Hog futures closed narrowly mixed. LH found support from pork’s recovery from Wednesday’s lower values. FOB Plant Pork closed up 1.26 to 80.86 with all primal cuts higher in value. The midday quote was up .71. Lean Hogs traded a lot lower in the morning, but closed near the day’s highs.

CBOT futures, except for soybean oil, closed strongly higher and near the day’s highs, as markets rallied into the closing bell. Soybeans lagged the corn and wheat rally early in the day, but old-crop contracts surged into the close. The strong move was fueled by aggressive fund buying as they cover their short positions in […]

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CBOT futures, except for soybean oil, closed strongly higher and near the day’s highs, as markets rallied into the closing bell. Soybeans lagged the corn and wheat rally early in the day, but old-crop contracts surged into the close. The strong move was fueled by aggressive fund buying as they cover their short positions in corn and wheat. Corn has some fundamental support from Brazil’s removal of its import tax on corn; the dry weather threatens its corn crop.

December Corn peaked today at $4.035 which is chart resistance at the December high. Next resistance is 4.10-4.20. May Chicago Wheat peaked at the December high of $5.05. Next resistance is $5.35. July exceeded the December high and has resistance at $5.34.

The CME Group announced its semi-annual resetting of the daily price limits for its grain and oilseed contracts. Corn, wheat and soybean meal limits are unchanged: corn, $0.25 initial and $0.40 expanded; Chicago and KC wheat, $0.35 initial and $0.55 expanded; and soybean meal, $20.00 initial and $30.00 expanded. Soybean futures’ initial limit is raised from $0.60/bushel to $0.65/bushel; the expanded limit will be $1.00. This is effective on May 2, 2016.

Cattle futures closed lower and near the day’s lows on a continuation of the bearish sentiment seen this week. Some cash cattle traded well below last Friday’s price. In boxed beef, Choice gained .09 to 222.77 and Select dropped .98 to 212.96.

Lean Hog futures closed higher for the fourth straight day.
FOB Plant Pork dropped 1.36 to 79.60 on a 9% loss in belly value. This cutout was up .40 at midday.

Milk production in the 23 major States during March totaled 17.2 billion pounds, up 1.8 percent from March 2015. February revised production at 15.8 billion pounds, was up 4.6 percent from February 2015. The February revision represented an increase of 4 million pounds or less than 0.1 percent from last month’s preliminary production estimate. Adjusting February production for the additional day due to leap year causes February revised production to be up 1.0 percent on a per day basis.

Production per cow in the 23 major States averaged 1,993 pounds for March, 31 pounds above March 2015. This is the highest production per cow for the month of March since the 23 State series began in 2003.

The number of milk cows on farms in the 23 major States was 8.64 million head, 19,000 head more than March 2015, and 9,000 head more than February 2016.

CBOT futures rallied strongly on continued fund buying, led by the soybean market. Traders bought soybean futures on technical considerations and concerns that rains are damaging Argentina’s soybean crop. May and November soybeans are now $1.25/bushel above the early March lows (a cheap call option purchased early March would be worth a lot today). May […]

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CBOT futures rallied strongly on continued fund buying, led by the soybean market. Traders bought soybean futures on technical considerations and concerns that rains are damaging Argentina’s soybean crop. May and November soybeans are now $1.25/bushel above the early March lows (a cheap call option purchased early March would be worth a lot today). May soybeans closed at last August’s highs; resistance comes in at 10.34. Although soybean futures have been overbought for several days, it hasn’t stopped the rally; however, this is a bright caution light. Corn and wheat futures also rallied strongly on spillover support; speculators are pressured to cover their losing “short” position in corn and wheat. May corn has resistance at 3.88; December corn’s resistance is 4.015 and 4.035. Outside markets were also supportive as the US Dollar Index weakened and crude oil futures rallied. Despite today’s sharp soybean rally, the soybean/corn price ratio remains near 2.51, so the market isn’t “buying” many acres away from corn.

Cattle futures rallied into lunch, but gave it away before the closing bell to post negative settlement prices. The selloff was in response to a drop in boxed beef values. Midday losses of 1.33 worsened by the afternoon report which put Choice carcasses down 2.20 at 222.68; Select down 2.04 at 213.94.

Lean Hog futures closed strongly higher, the third day of higher prices. LH futures were supported by a firmer pork cutout even as cash hog prices weakened. Today’s rally keeps the May LH contract at a huge premium to cash prices, so expect substantial price movements. Positive packer margins should help cash prices.

CBOT futures closed mixed with Chicago Wheat being the star performer. Wheat soared today but still remains below the highs set in March and April. Wheat found support from apparent short-covering as opinions differ as to the benefit of the heavy rainfall in the Plains states. The spec funds have had a large short wheat […]

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CBOT futures closed mixed with Chicago Wheat being the star performer. Wheat soared today but still remains below the highs set in March and April. Wheat found support from apparent short-covering as opinions differ as to the benefit of the heavy rainfall in the Plains states. The spec funds have had a large short wheat position. Corn closed higher for the fifth straight day as funds continue to cover short positions. There’s some concern for South American corn crops. Soybean futures traded higher until late morning, but then moved lower into the closing bell. Given the soy market’s “overbought” situation, traders may have decided to take profits to the bank after seeing futures rally over 50 cents this month.

Cattle futures closed sharply lower with some contracts down the daily trading limit of $3.00 in Live Cattle and $4.50 in Feeder Cattle. The sell-off was apparently long liquidation by the funds and added selling on bearish technical signals. This bearish price action is in contrast to today’s steady boxed beef market and the stronger cash cattle market last Friday that traded $134/cwt or better. April LC is now at a sharp discount to that price. Choice dn 0.25 at 224.88; Select up 0.25 at 215.98, similar to the midday quote. Buyers are being rewarded for their patience.

CBOT trade was more subdued today with a mixed close. Soybean futures moved higher Wednesday evening on follow-through buying but soon headed lower until the morning opening. The higher levels reached this week have encouraged farmer selling and with soybean futures in overbought status, traders were eager to book some profits. Corn was supported by […]

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CBOT trade was more subdued today with a mixed close. Soybean futures moved higher Wednesday evening on follow-through buying but soon headed lower until the morning opening. The higher levels reached this week have encouraged farmer selling and with soybean futures in overbought status, traders were eager to book some profits. Corn was supported by a strong weekly export sales report and continued short-covering by the funds.

Cattle futures closed lower with Live lower and Feeders higher. Live Cattle was weighed by a lack of cash trade (bids and offers are far apart) and no indication prices will improve this week. The rising beef market will help packer margins which are reportedly in the “red”. Boxed beef rose strongly one more day. Choice ended up 2.22 at 224.43; Select up 2.30 at 214.83.

Lean Hog futures closed lower for the fourth straight day. With the nearby April LH contract expiring, the large premium that May/June/July futures have to the CME Hog Index is encouraging selling. The pork market was also weak at midday. FOB Plant Pork closed up .04 to 78.16, which is much better than the midday quote of 77.17.

Receipts: 2452 Last Week: 2014 Year Ago: 2656
**Total receipts include 1,375 head sold in graded Holstein sale**
Compared to last week steers and heifers under 600 lbs sold 2.00 to 4.00 lower with light to moderate demand; over 600 lbs sold steady with moderate demand. Body condition or degree of fatness more than calf quality continues to dictate calf prices. Slaughter cows and slaughter bulls sold 1.00 lower with moderate demand.

The rally in CBOT futures rolled on today with strong price moves in nearly every commodity, but especially in corn, wheat, soybean meal and soybean futures; these four closed at or near the day’s highs. Soybeans, up four straight days, were supported by news that China’s March 2016 soybean imports were record large (for March) […]

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The rally in CBOT futures rolled on today with strong price moves in nearly every commodity, but especially in corn, wheat, soybean meal and soybean futures; these four closed at or near the day’s highs. Soybeans, up four straight days, were supported by news that China’s March 2016 soybean imports were record large (for March) and ideas that excessive rain is reducing Argentina’s soy crop. Yesterday, USDA raised U.S. soybean exports by 15 million bushels and lowered the 15/16 ending stocks estimate by that same amount. After this week’s sharp rally, soybean futures are considered “overbought” based on the RSI; this measure suggests the rally may need to pause or even correct lower.

The corn and wheat rally was fueled by short-covering by the spec funds and spillover support from the soy complex. May Corn has chart resistance at 3.78. KC Wheat lagged Chicago Wheat due to a rainy forecast in dry areas of the Plains. Also, USDA raised 15/16 ending stocks from 966 to 976 million bushels. CBOT rallied despite a sharp .8% jump in the US Dollar Index. Also ethanol production fell abruptly last week, but price is on the rise – up a nickel since Friday.

This strong price rally is occurring just as planting activity should accelerate given that the 6-10 day and 8-14 day forecasts call for above-normal temperatures and mostly normal precipitation.

Cattle futures closed sharply lower and near the day’s lows which came late in the session. Futures fell despite this week’s strong beef markets. Boxed beef values rose over one percent with Choice up 2.90 to 222.21 and Select up 2.89 to 212.53. Midday quotes were close to these prices. April LC is now at a sharp discount to last week’s cash cattle price; a steady or stronger cash market would likely bring futures back up. The weather in the eastern US is turning favorable for grilling.

Except for the April contract, Lean Hog futures closed strongly lower. The large premium the deferred LH contracts have to the cash index encouraged selling. Cash hog prices were mixed but pork values and movement were stronger. FOB Plant Pork jumped 1.12 to 78.12 with gains in all cuts except ribs. FPP was up 1.13 at midday.

Lexington Auction (Tues)
Weighted Average Report for 04/12/2016
Receipts: 473 Last Week: 1147 Year Ago: 1048
****Lexington Tuesday’s sale now held at Richmond yards due to fire that destroyed Lexington yards****
Compared to last Tuesday’s sale steer calves under 600 lb s sold 2.00 to 4.00 lower with moderate demand; over 600 lbs sold steady to firm. Heifer calves sold steady with moderate demand. Market more active today than yesterday due to increased buyer participation and some farmer participation in the market. Yearling steers traded steady to firm with moderate demand. Quality was average through good. Slaughter cows and slaughter bulls sold steady with moderate demand.

CBOT futures made some big moves today and in opposite directions. Soybean meal was the big winner with 2% gains and this pulled soybean futures up 1%. Support came from unwinding the soyoil/meal spread and a stronger Brazilian Real relative to the US$. The spec funds are already long soybeans and happy to support this […]

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CBOT futures made some big moves today and in opposite directions. Soybean meal was the big winner with 2% gains and this pulled soybean futures up 1%. Support came from unwinding the soyoil/meal spread and a stronger Brazilian Real relative to the US$. The spec funds are already long soybeans and happy to support this market. May Soybeans hit new highs for this move but stopped at key chart resistance at $9.295 (October high). In contrast, corn and wheat futures fell sharply. Conveniently, the speculators are also short these markets. Wheat was pressured by rain in the southern Plains and forecasts for more. While Chicago Wheat held above contract lows, Kansas City Wheat broke to new contract lows. Warmer and drier weather forecasts for the Corn Belt will get corn planters rolling. Today’s sharp drop wiped out the price gains earned the past 3-4 trading days.

Lean Hog futures also closed lower. Losses were limited by a firm pork market and April LH futures being in line with the CME Cash Index. Packer margins in pork are pretty good, so the cash market should hold up. Selling pressure may be focused in the summer LH months given the large premium they have to the cash index. Today, FOB Plant Pork gained .37 to 77.17.

Another forum with the candidates is tonight at 6:30pm CT in Madisonville at the Ballard Convention Center. Please join us!Kentucky Weekly Livestock Summary for the week of Apr 4-9, 2016.
Receipts
This Week Last Week Last Year
24,249 20,289 21,607
Compared to last week, Steer and Heifer calves traded unevenly steady to 5.00 lower with moderate to good demand for a plain to good quality offering. Most of the decline came later in the week as the CME futures trended lower. Yearling steers and heifers sold steady to firm early, but, untested the remainder of the week. Slaughter cows and slaughter bulls sold mostly 1.00 to 3.00 higher with moderate to good demand.

CBOT futures closed mixed. Wheat dropped sharply after three days of fairly steady closing prices. Wheat futures were pressured by yesterday’s USDA Crop Condition rating of 59% good/excellent which was better than expected and well ahead of year-ago levels, as well as by forecasts for rain next week. Soybeans edged higher on support from a […]

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CBOT futures closed mixed. Wheat dropped sharply after three days of fairly steady closing prices. Wheat futures were pressured by yesterday’s USDA Crop Condition rating of 59% good/excellent which was better than expected and well ahead of year-ago levels, as well as by forecasts for rain next week. Soybeans edged higher on support from a higher soybean oil market and a successful test of the 200-day moving average in the May Soybean contract. Corn futures closed steady/firm on cool weather and a positive weekly ethanol report that showed lower production and inventories. Funds bought corn and soybeans and sold wheat.

Cattle futures closed higher with the most strength in the nearby Live Cattle contract based on ideas that packers are short-bought (need to buy cattle). April LC futures are still below cash trade reported as high as $133/cwt. Boxed beef values were strong during the futures trading session but weakened in the afternoon. Choice down 1.29 at 216.41; Select down 1.77 at 207.43. This is much lower than the midday quotes of 218.16 and 208.87.

Lean Hog futures closed higher with summer month contracts doing the best. LH were supported by firm hog and pork markets. FOB Plant Pork edged up .28 to 77.88; ribs fell sharply but butt and belly cuts rose in value. This was up .76 at midday. Current futures are $4-5/cwt below the early March highs.

CBOT futures closed mixed in corrective trade. Corn edged higher as it continues to bounce back from the sharp losses posted Thursday in response to USDA’s Prospective Plantings Report. May Corn is 9 cents above last week’s low. Soybean futures dropped one percent on pressure from the losses in soybean oil futures and from unwinding […]

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CBOT futures closed mixed in corrective trade. Corn edged higher as it continues to bounce back from the sharp losses posted Thursday in response to USDA’s Prospective Plantings Report. May Corn is 9 cents above last week’s low. Soybean futures dropped one percent on pressure from the losses in soybean oil futures and from unwinding of long bean/short corn spreads. The new-crop bean/corn price ratio dropped from 2.51 to 2.48. Selling was also encouraged by Monday’s reversal to the downside. The 6-10 day and 8-14 day outlooks portend below-normal temperatures with above-normal moisture through the 10-day period. KY and TN are in the “wet” bulls-eye.See the maps HERE.

Kentucky’s crop and livestock condition ratings are mostly Good. See KY Crop Condition Report by clicking HERE. KY wheat conditions are better than a year ago, but about same as the 5-year average.

Cattle futures are closed sharply lower on bearish expectations for fed cattle prices and long liquidation due to bearish chart action – futures fell below March lows and are headed toward February lows. Margins are bad for feedlots and the packers. Today’s boxed beef market saw Choice up 0.19 at 217.70; Select up 2.97 at 209.20.

Lean Hog futures closed slightly higher except for the April and May LH contracts. LH futures shook off the sharp losses in cattle futures and found support from the pork market. FOB Plant Pork gained 1.07 to 77.60 with big increases in the value of bellies, hams, ribs and picnics.

Soybean futures closed lower on pressure from disappointing export shipments last week and fund selling (they carry a large long position). There was little news to drive corn and wheat futures. Traders will closely watch weather outlooks for potential impacts on planting conditions along with the new-crop bean/corn price ratio to see if the market […]

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Soybean futures closed lower on pressure from disappointing export shipments last week and fund selling (they carry a large long position). There was little news to drive corn and wheat futures. Traders will closely watch weather outlooks for potential impacts on planting conditions along with the new-crop bean/corn price ratio to see if the market tries to buy more bean acres.

Cattle futures closed slightly higher but closer to the day’s lows. Futures opened strongly but a weak boxed beef market weighed on the market. Choice ended down 1.60 at 217.51; Select down 0.70 at 206.23.

Lean Hogs closed lower through the summer contracts. LH traded up early this morning but faded on selling encouraged by last week’s strong losses. FOB Plant Pork closed up .28 at 76.53, weaker than the midday gain of .89.

Kentucky Weekly Livestock Summary for the week of Mar 28-Apr 2, 2016.
Receipts
This Week Last Week Last Year
20,289 22,644 31,589
Compared to last week, the market was mixed again with steers mostly steady to 4.00 lower with moderate to good demand and heifers mostly 2.00 to 5.00 lower with moderate demand. Lower prices are generally in response to lower CME futures, however, buyers paid a premium for good quality thin fleshed cattle with instances throughout the week 2.00 to 5.00 higher. Slaughter cows and slaughter bulls sold mostly steady to 3.00 higher with moderate to good demand.

While the Emerald Ash Borer has invaded a sizeable portion of the state and already done significant damage both woodland owners and home owners with ash trees in their landscapes can fight back. Entomologist Lee Townsend discusses the approaches that might best work for particular situations and suggests ash owners utilize a new “decision guide” […]

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While the Emerald Ash Borer has invaded a sizeable portion of the state and already done significant damage both woodland owners and home owners with ash trees in their landscapes can fight back. Entomologist Lee Townsend discusses the approaches that might best work for particular situations and suggests ash owners utilize a new “decision guide” in fighting the pests. (online search: “EAB Decision Guide”).

]]>http://kyfbnewsroom.com/across-kentucky-april-1-2016/feed/0Kentucky Farm BureauWhile the Emerald Ash Borer has invaded a sizeable portion of the state and already done significant damage both woodland owners and home owners with ash trees in their landscapes can fight back. Entomologist Lee Townsend discusses the approaches that ...While the Emerald Ash Borer has invaded a sizeable portion of the state and already done significant damage both woodland owners and home owners with ash trees in their landscapes can fight back. Entomologist Lee Townsend discusses the approaches that might best work for particular situations and suggests ash owners utilize a new “decision guide” in fighting the pests. (online search: “EAB Decision Guide”).Kentucky Farm Bureauclean3:00Market Closes – March 31, 2016http://kyfbnewsroom.com/market-closes-march-31-2016/
http://kyfbnewsroom.com/market-closes-march-31-2016/#respondThu, 31 Mar 2016 21:45:25 +0000http://kyfbnewsroom.com/?p=13313

CBOT futures closed mixed – to the extreme – all in response to the midday USDA Prospective Plantings Report. Corn futures crashed by over 4% following USDA saying 2016 acreage will be 93.6 million versus the average trade guess of about 90 million (the highest guess was 91.0). The funds reportedly sold a huge amount […]

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CBOT futures closed mixed – to the extreme – all in response to the midday USDA Prospective Plantings Report. Corn futures crashed by over 4% following USDA saying 2016 acreage will be 93.6 million versus the average trade guess of about 90 million (the highest guess was 91.0). The funds reportedly sold a huge amount of corn futures (they were already short). Corn futures erased the month-long rally and fell to new life-of-contract lows.

Wheat futures jumped 2% on USDA’s wheat acreage estimate of 49.56 million versus the average guess of 51.70 million. Despite wheat’s rally today, the closing prices remain below Tuesday’s closing prices (although MGEX wheat did close above the previous highs set in March). Huge wheat stocks should limit the rally, but weather will now be the focus.

Soybean futures ended up little changed as the quarterly stocks estimate and the soybean acreage forecast were both slightly friendly. Also soybean oil futures resumed its rally and hit new highs.

Live Cattle futures closed higher and Feeder Cattle futures soared the $4.50 daily limit, thanks to the crashing corn futures. Some fed cattle traded as low as $133/cwt, or $3 below last week’s trade. Choice beef closed down .88 at 220.99 and Select is down 2.20 at 210.48.

This morning House and Senate budget conferees announced they have reached an impasse in negotiations on the state budget. The disagreement seems to be over cuts to higher education and the amount of money to contribute to the state pension systems. In addition to the disagreements over high education and pension funding, the conferees still […]

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This morning House and Senate budget conferees announced they have reached an impasse in negotiations on the state budget.

The disagreement seems to be over cuts to higher education and the amount of money to contribute to the state pension systems. In addition to the disagreements over high education and pension funding, the conferees still have to agree on the allocation of tobacco settlement dollars and coal severance dollars.

As of the writing of this report the General Assembly is scheduled to convene tomorrow at noon for day fifty-nine. The sixtieth and last day of the 2016 General Assembly is currently scheduled for April 12.

HOW TO CONTACT YOUR LEGISLATORS

During the week, you may reach your representative and senator in Frankfort by calling 502.564.8100.

If you do not desire to talk to your state legislator immediately or you just want to leave a message, you may dial toll-free 800.372.7181. An answering service will take your message for your representative or senator. The legislative calendar information line is 800.633.9650, the bill status line is 866.840.2835, and the Governor’s office number is 502.564.2611

YOUR LOBBYISTS

The following are registered to lobby for Kentucky Farm Bureau for the 2016 session: Jeff Harper, Public Affairs Director, extension 5104; Bryan Alvey extension 7218; Tony Sholar, extension 5121, and David S. Beck, extension 5101. If you would like to call your lobbyists during the evening, call 502-352-4280 at the Frankfort headquarters or call 502.495.5000 and key in their extensions.

If you would like to contact one of your lobbyists during the day, please call Sara Stivers at 502.495.5121 and she will put you in touch with one of them.

Western Kentucky University’s Research Foundation was recently approved by the state ag development board for a $105,000 grant of state funds for software and instrumentation improvements of the Kentucky Mesonet weather monitoring system. Stuart Foster heads up that network and discusses its role here, and how the upgrade will continue to impact farmers and the […]

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Western Kentucky University’s Research Foundation was recently approved by the state ag development board for a $105,000 grant of state funds for software and instrumentation improvements of the Kentucky Mesonet weather monitoring system. Stuart Foster heads up that network and discusses its role here, and how the upgrade will continue to impact farmers and the general public in better, faster weather tracking.

]]>http://kyfbnewsroom.com/across-kentucky-march-31-2016/feed/0Kentucky Farm BureauWestern Kentucky University’s Research Foundation was recently approved by the state ag development board for a $105,000 grant of state funds for software and instrumentation improvements of the Kentucky Mesonet weather monitoring system.Western Kentucky University’s Research Foundation was recently approved by the state ag development board for a $105,000 grant of state funds for software and instrumentation improvements of the Kentucky Mesonet weather monitoring system. Stuart Foster heads up that network and discusses its role here, and how the upgrade will continue to impact farmers and the general public in better, faster weather tracking.Kentucky Farm Bureauclean3:00Market Closes – March 30, 2016http://kyfbnewsroom.com/market-closes-march-30-2016/
http://kyfbnewsroom.com/market-closes-march-30-2016/#respondWed, 30 Mar 2016 21:16:58 +0000http://kyfbnewsroom.com/?p=13309

CBOT futures closed lower to sharply lower (wheat, corn) as traders locked in profits ahead of tomorrow’s key USDA reports. Futures headed lower when trade opened at 830 am and just kept dropping and finished near the day’s lows. Also pressuring wheat futures was the extended forecast for rain in the southern Plains. A big […]

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CBOT futures closed lower to sharply lower (wheat, corn) as traders locked in profits ahead of tomorrow’s key USDA reports. Futures headed lower when trade opened at 830 am and just kept dropping and finished near the day’s lows. Also pressuring wheat futures was the extended forecast for rain in the southern Plains. A big jump in ethanol inventories weighed on corn futures.

Lean Hog futures closed much lower even as the pork market strengthened. FOB Plant Pork closed up 1.27 at 77.59, which is higher than 76.84 at midday. Hogs were pressured by the huge losses in the cattle market.

The 2015 numbers are in for Farm Credit Mid-America and says its President and CEO, Bill Johnson, there are definite signs of the cyclical nature of farm income. Johnson says despite the year being the low side of that ebb and flow, the farm lender’s numbers have been strong. He also discusses taking a “bigger […]

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The 2015 numbers are in for Farm Credit Mid-America and says its President and CEO, Bill Johnson, there are definite signs of the cyclical nature of farm income. Johnson says despite the year being the low side of that ebb and flow, the farm lender’s numbers have been strong. He also discusses taking a “bigger picture” approach to lending decisions for farmers as cash receipts this season are likely to remain soft.

]]>http://kyfbnewsroom.com/across-kentucky-march-30-2016/feed/0Kentucky Farm BureauThe 2015 numbers are in for Farm Credit Mid-America and says its President and CEO, Bill Johnson, there are definite signs of the cyclical nature of farm income. Johnson says despite the year being the low side of that ebb and flow,The 2015 numbers are in for Farm Credit Mid-America and says its President and CEO, Bill Johnson, there are definite signs of the cyclical nature of farm income. Johnson says despite the year being the low side of that ebb and flow, the farm lender’s numbers have been strong. He also discusses taking a “bigger picture” approach to lending decisions for farmers as cash receipts this season are likely to remain soft.Kentucky Farm Bureauclean3:00Market Closes – March 29, 2016http://kyfbnewsroom.com/market-closes-march-29-2016/
http://kyfbnewsroom.com/market-closes-march-29-2016/#respondTue, 29 Mar 2016 21:19:24 +0000http://kyfbnewsroom.com/?p=13307

CBOT futures closed higher, supported by a significant drop in the US Dollar’s value that resulted from Federal Reserve Chair Yellen’s comments that suggest the FOMC will remain “dovish” and not raise interest rates for some time. US equities rallied strongly and Treasury yields fell sharply as a result. Besides a weaker US Dollar, soybeans […]

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CBOT futures closed higher, supported by a significant drop in the US Dollar’s value that resulted from Federal Reserve Chair Yellen’s comments that suggest the FOMC will remain “dovish” and not raise interest rates for some time. US equities rallied strongly and Treasury yields fell sharply as a result.

Besides a weaker US Dollar, soybeans were supported by the strong rally in soybean oil related to the rising palm oil market. The funds were heavy buyers, adding to their long position (the trend is their friend), with prices above the key 200-day moving average. May Soybeans did not trade above chart resistance of 9.175, the high set in December. Wheat futures rallied for a second day on the weaker US Dollar and short-covering related to weather/soil moisture concerns.

Traders are preparing for Thursday’s USDA Reports at Noon Eastern.

Cattle futures closed little changed today on a lack of cash trade. April LC is at a slight discount to last week’s cash price. Boxed beef ended the day weak — Choice was down 0.22 at 225.06; Select down 0.79 at 216.84. This is weaker than the midday quotes of 226.45 and 217.33.

Lean Hog futures closed just slightly higher in very narrow-range trading. The recent Hogs and Pigs Report has been supportive, while weaker cash hog prices have limited upside in the April LH contract. FOB Plant Pork closed up .02 at 76.32, in line with the midday quote.

For Kentuckians holding those “farm license plates,” the deadline for their renewal is this Thursday. Renewal time is also perfect for those drivers to make “Ag Tag” donations as their county clerks’ offices. Those donations help fund Kentucky Proud, 4-H, and FFA. Ag Commissioner Ryan Quarles and FFA’s Sheldon McKinney are featured.

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For Kentuckians holding those “farm license plates,” the deadline for their renewal is this Thursday. Renewal time is also perfect for those drivers to make “Ag Tag” donations as their county clerks’ offices. Those donations help fund Kentucky Proud, 4-H, and FFA. Ag Commissioner Ryan Quarles and FFA’s Sheldon McKinney are featured.

]]>http://kyfbnewsroom.com/across-kentucky-march-29-2016/feed/0Kentucky Farm BureauFor Kentuckians holding those “farm license plates,” the deadline for their renewal is this Thursday. Renewal time is also perfect for those drivers to make “Ag Tag” donations as their county clerks’ offices. Those donations help fund Kentucky Proud,For Kentuckians holding those “farm license plates,” the deadline for their renewal is this Thursday. Renewal time is also perfect for those drivers to make “Ag Tag” donations as their county clerks’ offices. Those donations help fund Kentucky Proud, 4-H, and FFA. Ag Commissioner Ryan Quarles and FFA’s Sheldon McKinney are featured.Kentucky Farm Bureauclean3:00Market Closes – March 28, 2016http://kyfbnewsroom.com/market-closes-march-28-2016/
http://kyfbnewsroom.com/market-closes-march-28-2016/#respondMon, 28 Mar 2016 22:11:17 +0000http://kyfbnewsroom.com/?p=13305

CBOT futures closed mixed with wheat performing the best, along with soybean oil. Markets moved higher on Sunday evening. Corn and soybeans weakened overnight with the daily lows coming near the 830 am market re-opening. Wheat futures rallied strongly and lifted corn and soybeans. Futures topped out around lunch time and then sold off to […]

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CBOT futures closed mixed with wheat performing the best, along with soybean oil. Markets moved higher on Sunday evening. Corn and soybeans weakened overnight with the daily lows coming near the 830 am market re-opening. Wheat futures rallied strongly and lifted corn and soybeans. Futures topped out around lunch time and then sold off to varying degrees. Corn finished better than soybeans which finished poorly under pressure from a 1% loss in soybean meal futures. Soybeans did hit new highs for this rally that started in early March (May resistance is $9.175). Although wheat futures closed up strongly, the closes were about 6 cents below the day’s highs. Traders bought wheat futures on concerns for past/future freeze damage and dry soils in the southern Plains.

Cattle futures closed narrowly mixed. The nearby April LC contract closed lower under pressure from last week’s lower cash price in the $136-137 area. Limiting losses were the higher Lean Hog market and a stronger boxed beef market. Choice carcasses ended up 0.92 at 225.28; Select up 2.74 at 217.63.

Lean Hog futures closed strongly higher beyond the nearby April LH contract, supported by Friday’s Quarterly Hogs and Pigs Report which showed less expansion than expected. Kept for Breeding is 100.0% of year ago vs 100.6% average trade guess. Futures were also supported by a strong pork market. FOB Plant Pork gained 1.03 to 76.30. Strong value gains in loin, butt and picnic cuts more than offset a 2% drop in belly value. The midday gain was 1.74.

Kentucky Weekly Livestock Summary for the week of Mar 21-26 Mar 2016.
Receipts
This Week Last Week Last Year
22,644 23,382 31,589
Compared to last week, Feeder cattle were mixed with steer and heifer Calves below 500 lbs selling 2.00 to 3.00 higher while calves above 500 lbs were 2.00 to 3.00 lower. Yearling steers and heifers sold mostly 2.00 to 3.00 lower on a light test. Demand was moderate through good for a moderate to good supply and plain through good quality offering. Slaughter Cows and slaughter bulls were unevenly steady with good demand for a moderate supply.

Every year, during the General Assembly session, scores of students make their way to the Capitol to see firsthand their government at work. Career and Technical Education (CTE) students, representing the state’s Career and Technical Student Organizations (CTSO), are a part of that influx as they participate in the annual Student Leadership Day (SLD) presented […]

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Every year, during the General Assembly session, scores of students make their way to the Capitol to see firsthand their government at work. Career and Technical Education (CTE) students, representing the state’s Career and Technical Student Organizations (CTSO), are a part of that influx as they participate in the annual Student Leadership Day (SLD) presented by the Kentucky Association of Career and Technical Education (KACTE.)

The event is designed to encourage these future leaders to be responsible citizens as they participate in a two-hour legislative awareness program which features presentations by Kentucky legislators along with education and policy leaders. But, perhaps the most interesting part of the day includes visits to state officials to visit with their respective lawmakers.

This year, Ashton Filburn, a student at the University of Kentucky and the DECA National Central Region Vice-President began the day with an appearance before the House Education Committee.

She told committee members the state’s CTSO’s, which have a membership of 46,448 members, are helping Kentucky and the nation address key challenges in workforce development, student achievement, economic vitality and global competitiveness.

“I have had the opportunity to experience all that CTE has to offer. Some of the skills I have gained through DECA are leadership, team work and communication skills,” she said. “These are equally valuable now and in my future.”

Matt Chaliff, Interim Division Director for College and Career Readiness at the Kentucky Department of Education oversees the state’s seven CTSO’s. He said while students organizations have been a part of CTE for many years, those who have never participated in a student organization, may not realize the value of membership or the opportunities available through CTSO participation.

“The CTSO actually becomes an extension of the classroom offering the chance for students to practice what they have learned. In addition to technical skills, CTSO members also have the chance to learn and practice leadership skills in a hands-on setting. For many of our students, the first time they speak in public, work as part of a team, or plan an event is through their CTSO involvement,” said Chaliff. “Each year, thousands of shy, apprehensive freshmen enter our student organizations. Four years later they leave us prepared to be leaders in their professions and communities for decades to come.”

Chaliff credits these transformations to the support found through CTSO involvement.

Bryan Alvey, KFB Director of Local Affairs and Policy Development has participated in the SLD activities for several years. Each year, he discusses the governmental process and the importance of a solid relationship between citizens and their elected officials.

“The first thing I tell students is, the word lobbyist may have a negative connotation to some people, but what we do is vital to the system,” he said. “Not only do we get the message of our respective organizations to lawmakers and how it affects their constituents, but we are able to give them valuable detailed information about specific pieces of legislation at a time when they have several bills to review.”

Alvey added that he tries to explain the process of how bills are brought through the General Assembly and how important it is for these young people to be involved in that process.

“I know, from my personal experience, these students are making a positive impact on our government officials when they make their way to the capital each year to have their voices heard,” he said.

More than 300 students were expected to make their way to Frankfort for this year’s activities.

The Eastern Tent Caterpillar is making an early appearance in Kentucky but the good news is, for homeowners, they’re not really that harmful and they’re fairly easy to eliminate in landscapes. UK Entomologist Lee Townsend offers a few tips for hand-to-hand combat with the pests.

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The Eastern Tent Caterpillar is making an early appearance in Kentucky but the good news is, for homeowners, they’re not really that harmful and they’re fairly easy to eliminate in landscapes. UK Entomologist Lee Townsend offers a few tips for hand-to-hand combat with the pests.

]]>http://kyfbnewsroom.com/across-kentucky-march-28-2016/feed/0Kentucky Farm BureauThe Eastern Tent Caterpillar is making an early appearance in Kentucky but the good news is, for homeowners, they’re not really that harmful and they’re fairly easy to eliminate in landscapes. UK Entomologist Lee Townsend offers a few tips for hand-to-...The Eastern Tent Caterpillar is making an early appearance in Kentucky but the good news is, for homeowners, they’re not really that harmful and they’re fairly easy to eliminate in landscapes. UK Entomologist Lee Townsend offers a few tips for hand-to-hand combat with the pests.Kentucky Farm Bureauclean3:00Across Kentucky – March 25, 2016http://kyfbnewsroom.com/across-kentucky-march-25-2016/
http://kyfbnewsroom.com/across-kentucky-march-25-2016/#respondFri, 25 Mar 2016 12:00:42 +0000http://kyfbnewsroom.com/?p=13293

Dealing with timber theft and beefing up programs to curtail shoddy environmental practices of a few ‘bad actors’ in the logging business; those are just a few of the topics to be taken up at the Ky Forest Industries annual meeting in early April. KFIA, Executive Director, Bob Bauer, discusses a wide range of topics […]

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Dealing with timber theft and beefing up programs to curtail shoddy environmental practices of a few ‘bad actors’ in the logging business; those are just a few of the topics to be taken up at the Ky Forest Industries annual meeting in early April. KFIA, Executive Director, Bob Bauer, discusses a wide range of topics to be covered as that group seeks to improve the economic and environmental landscape for timber owners here.

]]>http://kyfbnewsroom.com/across-kentucky-march-25-2016/feed/0Kentucky Farm BureauDealing with timber theft and beefing up programs to curtail shoddy environmental practices of a few ‘bad actors’ in the logging business; those are just a few of the topics to be taken up at the Ky Forest Industries annual meeting in early April.Dealing with timber theft and beefing up programs to curtail shoddy environmental practices of a few ‘bad actors’ in the logging business; those are just a few of the topics to be taken up at the Ky Forest Industries annual meeting in early April. KFIA, Executive Director, Bob Bauer, discusses a wide range of topics to be covered as that group seeks to improve the economic and environmental landscape for timber owners here.Kentucky Farm Bureauclean3:00